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Data for today’s episode is provided by Mercator Advisory Group’s Report: 2021 U.S. North American PaymentsInsights: The State of the Consumer Market – Prepaid/Gift, Credit, and Debit Cards
Top Card Features That Incentivize Consumers to Increase Their Credit Card Usage:
- 49% of consumers say better rewards would make them more likely to increase their credit card usage.
- 37% of consumers say a lower interest rate would make them more likely to increase their credit card usage.
- 26% of consumers say a higher credit limit would make them more likely to increase their credit card usage.
- 22% of consumers say nothing would make them more likely to increase their credit card usage.
- 20% of consumers say lower fees would make them more likely to increase their credit card usage.
- 12% of consumers say clearer fee descriptions and credit terms would make them more likely to increase their credit card usage.
About Report
Mercator Advisory Group has released a new primary research report titled 2021 U.S. North American PaymentsInsights: The State of the Consumer Market – Prepaid/Gift, Credit, and Debit Cards, summarizing the findings from the Summer 2021 North American PaymentsInsights survey of 3,001 U.S-based adults. The report aims to highlight the key findings from the survey as they relate to consumer experience with prepaid, gift, credit, and debit cards. The report brings together various aspects of consumers’ experience with the different payment methods covered, as well as relevant behavioral habits and attitudes. Readers of the report will get an idea of how consumers use various payment cards, how they view card features, and the challenges that they encounter.
“The past 18 months have seen an unprecedented shift in consumer payment behaviors and attitudes, driven by disruptive factors including the COVID-19 pandemic, product shortages, and the accelerated adoption of online shopping. Tracking and understanding the shifts in consumer preferences is instrumental to planning for the future and creating innovative payments solutions that satisfy consumers’ ever changing needs.” – Amy Dunckelmann, Vice President, Research Operations, Mercator Advisory Group.